ConstitutionDAO is a decentralized autonomous organization established in 2021 to bid for copies of the United States Constitution through Sotheby’s. Recently, the price of the organization’s governance token $PEOPLE has surged.
According to TradingView data, the price of $PEOPLE experienced an astonishing rise late at night on the 3rd, rising more than 590% and reaching a high of $0.07294, which is the highest level since April 2022. However, as of today (6), the price of $PEOPLE has fallen back to $0.04306, but it is still up 47.1% from the previous 24 hours, and the increase in the past week has been as high as 212.8%.
ConstitutionDAO raised nearly $50 million within days of its establishment. However, due to the failure of the bid for a copy of the constitution, the project announced its permanent closure in November 2021 and refunded contributors indefinitely. Therefore, the PEOPLE token it issued has lost its practical use. However, despite this, the PEOPLE token has experienced several sharp increases in the market, and recently there has been a strong increase, making the community curious about the reasons behind it. This situation is worth noting.
Crypto.News reported on the 4th that it is suspected that PEOPLE’s surge may be a potential whale manipulation behavior.
“According to Santiment data, the amount of PEOPLE tokens flowing into the exchange increased from approximately $300,000 to approximately $184 million. The number of tokens flowing out of the exchange also saw a significant increase, in just 24 hours The increase from $4.6 million to $203 million within a year indicates a net outflow of approximately $19 million worth of ConstantDAO tokens from exchanges to self-hosted wallets. On the other hand, according to Santiment data, whales completed 34 trades that included PEOPLE tokens worth at least $100,000. High volatility is often seen when an asset’s whale activity suddenly surges. Notably, five holdings between 100 million and 1 billion PEOPLE tokens Whales still control more than 50% of the total supply of PEOPLE. In addition, there are 20 whales holding 10 million to 100 million tokens."
The current $PEOPLE market fluctuates greatly, readers are advised to pay attention control risk.
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